Final answer:
A balance sheet is designed to show the assets, liabilities, and owners' equity of a business as of a particular date.
Step-by-step explanation:
A balance sheet is designed to show the assets, liabilities, and owners' equity of a business as of a particular date. It provides a snapshot of a company's financial position at a specific point in time, typically the end of a reporting period, such as the end of a month, quarter, or year. The balance sheet helps stakeholders understand the company's financial health, including its liquidity, solvency, and overall worth. It does not provide information about the profitability of the business during the current year or the cost of replacing the assets and paying off the liabilities at a specific date.